The article discusses how banks are adopting AI agents and generative AI technologies like ChatGPT to enhance customer experience and compete with fintech companies. It highlights that banks are exploring ways to leverage AI for customer service, personalized advice, and streamlining operations. The article mentions that JPMorgan Chase is testing an AI assistant for customer service, while Bank of America is using AI for fraud detection and compliance. Additionally, banks are considering using generative AI for tasks like drafting marketing materials and summarizing documents. However, the article notes that there are concerns around data privacy, security, and regulatory compliance when using AI. It emphasizes the need for robust governance frameworks and responsible AI practices to mitigate risks. The article concludes that while AI offers opportunities for banks, they must carefully navigate the challenges to gain a competitive edge over fintech companies.
Source: https://www.businessinsider.com/how-banks-using-agents-generative-ai-fintechs-2024-11